Centuria Opens Agriculture Fund to Access Real Estate in Australian Protected Cropping Sector

Centuria has opened its Centuria Agriculture Fund to investor applications, targeting a portfolio of high-quality Australian agricultural properties leased to established operators under long-term agreements. The fund focuses on protected cropping assets — including hydroponic glasshouses and controlled-environment facilities — which the firm describes as the fastest-growing food production sector in Australia.

Fund Strategy

The Centuria Agriculture Fund is structured as an unlisted, open-ended vehicle designed to provide investors with access to agricultural real estate, specifically properties that support intensive, technology-driven food production. The fund targets assets leased on triple-net terms to operators with strong covenants, offering investors a combination of regular income distributions and potential capital growth.

Protected cropping — which encompasses glasshouses, hydroponic systems, and other controlled-environment growing facilities — has recorded average annual growth exceeding 60% in Australia in recent years, according to the firm. These facilities are designed to reduce water consumption by up to 80–90% compared with open-field farming, enable year-round production, and limit exposure to pests, extreme weather, and climate variability.

Portfolio Acquisitions

The fund's portfolio has grown through a series of acquisitions. Among the most significant is the purchase of a 43-hectare hydroponic glasshouse in Two Wells, South Australia — described as Australia's largest facility of its kind — from Fresh Country Farms for A$168 million. The property is leased to Perfection Fresh under a 17-year triple-net agreement and produces premium tomatoes and cucumbers. The acquisition increased the fund's glasshouse holdings to more than 150 hectares and its total protected cropping footprint to more than 160 hectares, representing a 25% increase.

Centuria also acquired management rights to the Arrow Primary Infrastructure Fund (APIF), a portfolio valued at approximately A$444 million comprising roughly 24 properties across New South Wales, Victoria, South Australia, and the Northern Territory. The APIF portfolio includes poultry farms, orchards, and glasshouses, with an average lease term of approximately 13 years and consumer price index-linked rental increases. The transaction was completed at a 5.5x EBIT multiple. Additional acquisitions include a glasshouse in Katunga for approximately A$100 million and a protected cropping asset acquired for A$21.5 million.

Tenants across the broader portfolio include Baiada Poultry, Select Harvests, and Perfection Fresh, among others.

Financial Performance and Fund Metrics

The Centuria Agriculture Stapled fund, which commenced operations in July 2022, reported a total return of 5.52% as of September 30, 2025, comprising 4.96% growth and 0.56% income, according to the firm. The agriculture platform reached approximately A$820 million in assets under management prior to the APIF transaction and has since grown to approximately A$1.3 billion following recent deal activity.

The fund targets investment-grade assets with strong tenant covenants and emphasizes environmental, social, and governance (ESG) attributes, including reduced water usage, minimized pesticide application, and year-round production stability. No cap rates, occupancy figures, or price-per-square-foot metrics were disclosed in connection with the fund's current portfolio.

Fund Access

The fund is currently open to applications. Investors may request a Product Disclosure Statement (PDS) through the Centuria website or apply directly through the firm's online application portal.

Sources:
Centuria Agriculture Fund — Centuria